You can bet that after the Nov elections, our taxes are going up as a result from the gov't 'needing' more money becuase of higher prices from their own poor energy and economic (sub-prime) polocies. By the time those go into effect in 2009, Gas will most like have settled in at $4.25 / gal....food will be at least another 25% higher....wait until you see the price of meat late summer/fall.
So, that being said, no way are wages going up as businesses absorb the effects of high energy costs.
Here in NC we are expecting an already approved 3% hike in electricity stating around June 15.
Also, 3 weeks ago, the local MSM was doing a report on how there's now a shortfall in revenues for the state goobermint. We've also grant an insurance rate hike of 5.5% effective 07/01/2008. Less than a year ago, the state's coffers had a $1.8 billion surplus.
The domino's are getting ready to fall quickly.
Of course frugal families with 6-figure combined incomes will not be affected as harshly, but, what do people think is going to happen to the couple with 2 kids and a $65K combined income (gross) and a $110k double-wide / condo / small SFD, a dog, and 2 cars???
People can call me nuts, but the federal gov't just finished hiring 76,000 new people the 1st qtr of this year.
You’ll love this. I was reading another forum and a poster said President Bush has taken away his right to cheap food and gas. This is the insane crap that is going to send this country into chaos.